New Delhi, March 14: The Enforcement Directorate has attached 21 properties owned by diamond merchant Nirav Modi and his firms over the Rs 13,000 crore Punjab National Bank (PNB) fraud. The total value of the property attached is whopping Rs 523 crore.
Nirav Modi’s most expensive property attached is a 5,000 sq ft penthouse with an open terrace at the Samudra Mahal building in Worli. The value of the property is estimated to be Rs 81.16 crore. The house is owned by Modi and his wife, Ami Modi, which was purchased for Rs 34.38 crore.
A solar plant owned by Modi’s Firestone Trading Private Limited at Karjat in Maharashtra was also attached. The price of the 5.247 MV plant is estimated to be Rs 70 crore.
A huge office space at Mafatlal Centre, Nariman Point, was owned by Modi’s company Bentley Properties Private Limited, was attached. The price is estimated to be Rs 54.75 crore. A land worth Rs 42.70 crore in Maharashtra, owned by Nirav Modi Trust has also been attached.
The iconic Rhythm House, bought by Modi’s Firestar Diamond International Private Limited has also been attacked. The price of the property is estimated to be Rs 32 crore.
Nirav Modi obtained his first fraudulent guarantee from PNB’s Brady House branch in Mumbai on March 10, 2011 and managed to get 1,212 more such guarantees over the next 74 months, Finance Minister Arun Jaitley said on Tuesday. Companies linked to Nirav Modi obtained Letters of Undertaking (LoUs), which were used to get loans from overseas branches of Indian banks, up to five guarantees on a single day, with the help of rouge employees of the country’s second biggest state-run bank. After the fraud, Modi and Choksi fled the country in January and are refusing to join investigation.